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GM rebounds with $8.1B 2018 profit on strong pricing

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DETROIT (AP) — General Motors posted an $8.1 billion net profit for 2018, fueled by better prices for vehicles sold in the U.S., its most lucrative market.

It’s a strong rebound from the previous year when the company lost $3.9 billion on a giant tax accounting charge.

GM made $10.8 billion before taxes in North America, down about 9 percent from 2017. But it still means big profit-sharing checks for about 46,500 union workers in the U.S. They’ll get $10,750 each, less than last year’s $11,500.

The company said Wednesday that it made $5.58 per share for the year. Without $2.5 billion worth of special items largely due to restructuring, the profit was $6.54, easily beating Wall Street expectations of $6.29, according to a survey by FactSet.

Full-year revenue rose 1 percent to $147.05 billion, also beating estimates of just over $145 billion.

GM made $2 billion, or $1.40 per share in the fourth quarter. Excluding restructuring charges, the company’s per-share earnings were $1.43, also breezing past Wall Street expectations of $1.24.

Shares of GM rose 1.4 percent.

Chief Financial Officer Dhivya Suryadevara said GM said it made $2 billion on its joint venture in China last quarter, despite slowing auto sales in the country.

The Trump administration’s tariffs on imported aluminum and steel raised prices of those commodities, costing the company more than $1 billion last year. Suryadevara expects another $1 billion increase this year.

“It’s a volatile environment as you well know, and we’re going to have to see how that goes,” she said.

GM has managed to offset some costs with efficiencies, she told reporters Wednesday.

For the full year, GM made $423 million pretax from its international operations, about one third of the $1.3 billion from a year earlier. GM Financial, the company’s lending arm, earned $1.9 billion, almost 60 percent more than in 2017. Cruise Automation, GM’s autonomous vehicle unit, lost $728 million, 19 percent more than a year earlier. The company expects to spend $1 billion on Cruise this year, and CEO Mary Barra predicted a profit on autonomous vehicles early in the next decade.

GM thinks that it will outpace last year’s performance in 2019. Suryadevara said she expects an adjusted profit of $6.50 to $7 per share.

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Monster Jam World Finals® Returns to Orlando This Weekend, Celebrates Monster Jam’s 30th Anniversary

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Monster Jam World Finals is premiering a first-ever figure-eight over-under track that allows trucks to simultaneously jump over each other while racing. Image: Feld Entertainment.

ORLANDO, Fla. (FNN SPORTS) – The prestigious Monster Jam World Finals® returns to Orlando May 21 and 22, 2022. This two-day championship is the biggest event of the season and showcases the best trucks and drivers in Racing, Freestyle, High Jump and Skills competitions. This year’s World Finals XXI celebrates Monster Jam’s 30th Anniversary and Grave Digger’s 40th Anniversary. It offers the largest Pit Party of the year, where fans can meet the drivers, see the trucks up close and enjoy many other family-friendly activities–all included in the ticket price. Fans can purchase tickets for both days through Ticketmaster.com.

Fans get to watch jaw-dropping stunts from the drivers’ 1,500 horsepower, 12-feet tall, 12,000-pound monster trucks, including 12-time world champion Tom Meents, driver of the Max-D truck. World record holder Bari Musawwir, driver of the Zombie truck, also returns to compete in the Skills Competition.

In just in 7.5 days, Camping World Stadium’s gridiron field transformed into the World Finals dirt track with 7,500 yards and 22.5 million pounds of dirt. This year’s track includes a first-ever figure-eight over-under track that allows trucks to simultaneously jump over each other while racing. Fans not only get to enjoy over-the-top stunts, and thrilling fireworks, but they’ll be the very ones choosing the winner.

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Mellissa Thomas is Editor for Florida National News. | mellissa.thomas@floridanationalnews.com

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Representative Duran’s HB 91 Passes in Tourism, Infrastructure, and Energy Subcommittee

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State Representative Nicholas X. Duran. Photo via Florida Politics.

TALLAHASSEE, Fla. – Source: Florida House of Representatives // Earlier today, HB 91 passed with unanimous bipartisan support in the Tourism, Infrastructure, and Energy Subcommittee. HB 91 provides DHSMV authority relating to the display & use of digital license plates and specifies requirements for digital license plates, digital license plate providers, & digital license plate consumers.

“Bringing digital license plates to Florida helps to pave the way into a more connected future. Florida has always been on the cutting-edge of technology and allowing the use of this technology can bring large-scale efficiency and savings to the over 17 million registered vehicles in our state. I am happy this bill was able to make it out of committee and is on its way to becoming law,” said Representative Nicholas X. Duran (D- Miami).

Having passed favorably, the bill has been referred to the Commerce Committee.

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Tesla on Part-Automated Drive System Slams into Police Car

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FILE - This Feb. 9, 2019, file photo shows a sign bearing the company logo outside a Tesla store in Cherry Creek Mall in Denver. A Tesla using its partially automated driving system slammed into a Florida Highway Patrol cruiser Saturday, Aug. 28, 2021 on an interstate near downtown Orlando and narrowly missed its driver, who had pulled over to assist a disabled vehicle. (AP Photo/David Zalubowski, File)

ORLANDO, Florida (AP) — A Tesla using its partially automated driving system slammed into a Florida Highway Patrol cruiser Saturday on an interstate near downtown Orlando and narrowly missed its driver, who had pulled over to assist a disabled vehicle.

Earlier this month, the U.S. government opened a formal investigation into Tesla’s Autopilot driving system after a series of similar collisions with parked emergency vehicles.

The trooper whose cruiser was hit shortly before 5 a.m. Saturday had activated his emergency lights and was on the way to the disabled vehicle when the Tesla hit the cruiser’s left side and then collided with the other vehicle, highway patrol spokeswoman Lt. Kim Montes told The Orlando Sentinel.

The report said the 27-year-old man in the Tesla and the driver of the disabled vehicle suffered minor injuries and the trooper was unhurt.

Tesla did not immediately respond to an email sent to its press address.

Autopilot has frequently been misused by Tesla drivers, who have been caught driving drunk or even riding in the back seat while a car rolled down a California highway.

The electric vehicle maker uses a camera-based system, a lot of computing power, and sometimes radar to spot obstacles, determine what they are, and then decide what the vehicles should do. But researchers say it has had trouble with parked emergency vehicles and perpendicular trucks in its path.

The National Highway Traffic Safety Administration opened the Tesla probe after tallying 11 crashes since 2018 in which Teslas on autopilot or cruise control have hit vehicles where first responders have used flashing lights, flares, an illuminated arrow board or cones warning of hazards.

In those crashes, 17 people were injured and one was killed, the NHTSA said. An investigation could lead to a recall or other enforcement action.

The National Transportation Safety Board, which also has investigated Tesla crashes, has recommended that NHTSA and Tesla limit the autopilot’s use to areas where it can safely operate. It also recommended that Tesla be required to improve its system to ensure drivers pay attention.

Last year the NTSB blamed Tesla, drivers and lax regulation by NHTSA for two collisions in which Teslas crashed beneath crossing tractor-trailers.

The crashes into emergency vehicles cited by NHTSA began on Jan. 22, 2018, in Culver City, California, near Los Angeles when a Tesla using autopilot struck a parked firetruck with flashing lights. No one was injured in that accident.

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